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Remitano Nigeria Review: All that you need to know in 2024

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Swen Keller
In the crypto world Swen has consistently found success through his effective communication skills and the unique ability to navigate the details.
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Remitano Nigeria Review: Our Opinion

Our first-hand investigation into this crypto exchange demonstrated that Remitano Nigeria is one of the leading platforms for buying and selling cryptocurrency via P2P trading in Nigeria. 

The exchange stands out for its swap feature which allows you to exchange up to 20 digital currencies instantly. It also offers good customer support.

That said, in Remitano Nigeria, the number of supported cryptocurrencies available to trade is limited when compared to other popular exchanges. 

Also, the exchange has recently been hacked where it lost over $2 million and was saved by Tether or it would have lost more. This has discouraged a lot of users in Nigeria from getting on board with the platform. 

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    Company Overview About the Remitano Exchange

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    Remitano is a P2P (Peer-to-peer) cryptocurrency exchange that was founded in 2014 by Babylon Solutions Limited. 

    It is incorporated in Seychelles supports more than 50 countries globally and is arguably one of the largest crypto exchanges in Nigeria, Malaysia, and Vietnam. 

    The crypto exchange allows users to trade cryptocurrencies like Ethereum, Bitcoin, Tether, and Bitcoin Cash and supports the management of particular fiat currencies as well. 

    Currently, Remitano hosts over 6 million active trading users including a large number of Nigerians. 

    They have also done over $9 billion in trading volume since inception. 

    That said, Remitano is no stranger to controversy as on September 14th, the exchange experienced large withdrawals under fraudulent circumstances which the team on Remitano later confirmed as a hack. 

    In the hack, a total of $2.7 million worth of cryptocurrency was withdrawn from the affected wallets. 

    However, Tether froze an address the attacker used which potentially saved $1.4 million worth of users’ cryptocurrencies.



    Unique Features

    Remitano Swap

    Remitano swap - 1280x720

    The Swap feature on Remitano Nigeria allows traders to swap between pairs of cryptocurrencies. This feature enables Remitano users to easily swap or exchange one crypto for another on the platform. 

    Crypto swaps on Remitano are instant. This means that order execution timelines are eliminated. 

    Aside from the fact that the swap feature lets users exchange one crypto for another, it is also used to lock down trading gains by exchanging different cryptocurrencies at different entries and exits. 

    To use the Swap feature on Remitano, do the following:

    Login to your account and scroll to the Swap section. 

    Click “Swap” and choose the coin you want to swap.

    Next, choose the coin you want to receive 

    Select the Swap type. Remitano offers 2 swap types: Market price and Your price. With Market price, your order is immediately executed according to the existing market price. If you choose to use your price, the order will only be executed when the market reaches your pre-defined price. 

    Next, enter the amount of coins you want to swap and click on the purple “Buy” button. 

    To proceed with the Swap, click “Confirm“.

    Once you confirm the swap, your order will be executed based on the swap type you chose. 

    RENEC Token 

    RENEC Token - 1280x720

    RENEC is the abbreviation for the Remitano Network Coin. 

    RENEC is the native and governance token of the Remitano Network blockchain ecosystem. 

    The token was launched in June 2021 and is designed to make transactions on the Remitano Network faster and cheaper. 

    RENEC has a total supply of 73,227,253 RENEC. At the main net launch, the token was allocated as follows:

    • 48% of the total supply was allocated to miners’ communities supply account

    • 12.31% to treasury accounts 

    • 14.62% was allocated to the supply of the development team 

    • 9.24% to supply for marketing activities accounts 

    • 9.09% to DApp development fund and ecosystem accounts. 

    • 6.16% to liquidity supply accounts. 

    It is used to pay gas fees for transactions on the Remitano Network. RENEC token holders also enjoy up to 40% discount on fees. 

    P2P Marketplace 

    The Remitano P2P marketplace allows Remitano users to trade crypto with each other. 

    This is a major feature of the Remitano P2P Exchange and it is easy to use. 

    All P2P trades on Remitano are protected by the Remitano escrow service. This means that when a trade is initiated, the amount of crypto being traded is automatically reserved from the seller’s Remitano wallet. 

    It is a security measure to ensure that sellers do not abscond after receiving payment from the buyers. If the seller refuses to release the crypto after payment has been made, the buyer can open a dispute for the trade and provide proof of payment. 

    Once the payment is verified, Remitano will release the coins stored in escrow. 

    This way buyers can still get the crypto they paid for even if the seller is no longer responsive or available. 

    As already stated, buying and selling on the P2P marketplace is easy. 

    To sell crypto via P2P, do the following:

    Login to your Remitano account. 

    From the homepage, scroll down to “List of Buyers”.

    Click “Sell“.

    Next, enter the amount of coin you want to sell and click “Sell BTC”.

    Remitano displays the amount limits for buyers and sellers. 

    The amount limit is the maximum or minimum limit that the ad creator wishes to trade. So the amount you want to sell must be within this limit. 

    Next, enter your payment details so that the buyer can make a payment to you. 

    Once this is done, click “Continue”.

    If you do not have the crypto in your Remitano wallet, you will need to deposit the specified amount of crypto to the address provided in the transaction. But if you already have crypto available in your wallet, the transaction will automatically switch to “Waiting for the buyer to Pay”. 

    Once you receive your money, click on “I have received payment” and the coins will be released to the buyer. 

    Do not confirm payment until you are sure that you received the money. 

    Don’t believe the buyer even though they provide proof of payment as some may be falsified, always check to ensure that the payment has already been reflected in your account. 

    Once the trade has been completed and the funds removed from the Remitano escrow, it cannot be reversed. 

    If a buyer refuses to make payments, the trade will be automatically canceled at the expiration of the payment window. The payment window is specified when creating your advertisement, it ranges from 15 minutes to 2 hours, but the default time is 15 minutes. 

    If as a buyer, you make a payment and the seller refuses to release the coins within the set time frame, you can raise a dispute by providing your proof of payments via the chat box. 

    Once you start a dispute both you and the trading partner/seller will be notified via email. 

    Remitano often resolves P2P disputes within 24 to 48 hours. 

    As already stated, once a trade is completed and funds have been released from escrow, you can no longer raise a dispute. 

    Remitano allows both buyers and sellers to easily create advertisements in the P2P marketplace. 

    To create a sell advertisement, for example, do the following:

    Open your Remitano account and scroll to your Dashboard. 

    Navigate to “My advertisements” and click “Create advertisement”. 

    You must have Bitcoin in your Remitano wallet to be able to create a sales advertisement. 

    Follow the onscreen instructions to complete your advertisement. 

    Buy advertisements are created in the same way. For buy ads, the system will automatically disable your advertisements if there are too many incoming sell requests that were left unattended. 

    You can turn your ads on and off whenever you wish. This can be done from your dashboard. The ads can also be deleted ads by clicking the delete button in the ads section of your dashboard. 

    Advertisement prices are based on Bitcoin exchange rates. 

    Due to the volatility of the crypto market, these exchange rates and advertisement prices are updated every few seconds. 

    In most cases, the prices shown in the listings and on the front page are not the actual prices. This is because the updates for the listings are a bit slower and market data may also not be available for some currencies. 

    However, the prices displayed on the advertisement page are more up-to-date

    The purchase price is determined at the moment you send in the trade request. 

    Cryptocurrencies Available on Remitano

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    Remitano supports just over 15 cryptocurrencies. 

    Supported cryptocurrencies include Bitcoin, Bitcoin Cash, Ether, XRP, Litecoin, Tether, Binance Coin, Ethereum Classic, Monero, Neo, Stellar Lumens, Tezos, Polkadot, EOS, Tron, Chainlink, and Cardano. 


    On Remitano Nigeria you can carry out certain transactions for free. For example, deposit and withdrawal of Nigerian Naira (NGN) is completely free.

    However, because Remitano uses accounts from several banks to process your deposit and withdrawal you may be charged a fee by the bank that processes the transaction. 

    You can also deposit cryptocurrency for free on the Remitano crypto exchange.

    Crypto Withdrawal Fees

    Remitano charges dynamic fees for withdrawing cryptocurrency from their exchange as listed below. 

    Note that these fees are dynamic and may vary depending on the state of the crypto blockchain network (congested or not). 

    • PM withdrawals which require a minimum of 1 PM cost 0.5% of your withdrawn amount

    • NFT5TOKENID2 withdrawals which require a minimum of 1 NFT5TOKENID2 free

    • ADA withdrawals which require a minimum of 2 ADA, cost 1 ADA of your withdrawn amount

    • AVAX withdrawals which require a minimum of 0.1 AVAX, cost 0.05 AVAX of your withdrawn amount

    • AXS withdrawals which require a minimum of 0.1 AXS, cost 0.05 AXS of your withdrawn amount

    • Bitcoin Cash withdrawals which require a minimum of 0.0001 BCH, cost 0.001 BCH of your withdrawn amount

    • BNB withdrawals which require a minimum of 0.02 BNB, cost 0.0005 BNB of your withdrawn amount

    • BTC withdrawals which require a minimum of 0.0001 BTC, cost 0.001 BTC of your withdrawn amount

    • BUSD withdrawals which require a minimum of 1 BUSD, cost 1 BUSD of your withdrawn amount

    • DOGE withdrawals which require a minimum of 10 DOGE, cost 2 DOGE of your withdrawn amount

    • DOT withdrawals which require a minimum of 0.2 DOT, cost 0.05 DOT of your withdrawn amount

    • EOS withdrawals which require a minimum of 2 EOS, cost 1 EOS of your withdrawn amount

    • ETC withdrawals which require a minimum of 0.1 ETC, cost 0.05 ETC of your withdrawn amount

    • ETH withdrawals which require a minimum of 0.001 ETH, cost 0.003 ETH of your withdrawn amount

    • FIVE withdrawals which require a minimum 2 FIVE, cost 2 FIVE of your withdrawn amount

    • FTM withdrawals which require a minimum of 2 FTM, cost 1 FTM of your withdrawn amount

    • KAI withdrawals which require a minimum of 100 AVAX, cost 10 KAI of your withdrawn amount

    • LINK withdrawals which require a minimum of 0.2 LINK, cost 0.05 LINK of your withdrawn amount

    P2P Transaction Fees

    Remitano charges 1% in trading fees for maker transactions via Remitano Nigerian Naira wallet, bank transfer, gift card, PayPal, and Wise. Taker transactions via P2P are free. 

    In this case, a Maker is an individual who posts an advertisement to buy and sell cryptocurrency on Remitano P2P. Remitano will charge their fee only when the P2P transaction has been concluded

    A Taker is a person who intends to trade cryptocurrency via the ad posted by the Maker. 

    Swap Transaction Fees 

    Remitano charges 0.25% of the transaction amount on both sides (maker and taker) for most swap transactions. 

    However, on some swap pairs, you can get fees of up to 1% on a particular coin involved in the swap. 

    Here’s how Remitano calculates the swap fees. 

    When you execute a Market Price offer, their swap algorithm will optimize the user’s actual destination amount by adding 2 sources of liquidity, the Order Book and AMM to choose the best swap option for customers.

    From this point, the swap fee is calculated depending on the volume of transactions and the swap routes to go through

    For instance, if you want to use 100 Nairas to buy BTC the algorithm will be able to execute the following: 

    30 NGN match buying BTC via the order book

    20 NGN match buying USDT via NGN/USDT pool, then match via USDT/BTC pool

    The rest of the NGN match via the NGN/USDT Order book, then match via the USDT/BTC pool.

    Quick Buy and Sell Fees

    For its quick buy and sell feature, you can expect to pay 0.75% for using fiat currency to buy a stablecoin instantly. 

    Fiat currency to other coins costs anywhere from 0.75% to 1% in transaction fees. 

    Payment Methods

    On Remitano you can deposit fiat currencies using more than 5 payment methods including PayPal, Wise, Payoneer, Credit and debit cards via Simplex payment processor, Perfect Money, Airtm, and bank transfer for deposits. 

    Note that if you opt to use Simplex to buy crypto like Ethereum Classic using your credit/debit card and trade, you’ll need to undergo identity verification on the website.


    Crypto security - 1280x720

    Our first-hand investigation into this crypto exchange demonstrated that it offers industry average P2P crypto exchange security measures. 

    One of these security measures is its escrow services for P2P trades. Remitano holds all funds being traded in escrow and prevents them from being withdrawn from the platform until both parties in a transaction have fulfilled their parts. 

    This eliminates the risks of traders robbing sellers of their coins. Coins are not released until the seller has confirmed that he has received payments. 

    If a seller refuses to confirm the release of coins after payment, Remitano will release the coins to the buyer after confirming that payment has been made. 

    This escrow service reduces the scamming activities that have plagued many P2P marketplaces in the crypto space. 

    Remitano’s Bitcoin storage policy adheres to the Cryptocurrency Security Standard (CCSS) which prescribes procedural requirements for the secure handling of Bitcoins. 

    Remitano stores users’ crypto assets in a combination of both hot and cold storage wallets. 

    Remitano also partners with leading security firms to provide high-level security around its servers which allows it to easily prevent and manage DDoS attacks and application layer attacks. 

    It also encrypts all communication between its servers and users’ devices

    Users can protect their Remitano account using strong passwords and two-factor authentication.

    Staking Rewards

    Remitano Nigeria offers up to 100 RENEC in staking rewards with a 10% pool commission and each participant of the pool receives rewards that correspond to the percentage of RENEC they staked in the pool.

    You can stake RENEC using the RENEC wallet.

    Opening a Remitano Account

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    You can open a Remitano account by going to https://remitano.com

    Next, tap on the menu button at the upper right corner of your screen and click on the Login/Register button. 

    On the new page, you will see the option to open an account on Remitano using your Google account, Facebook account, email address, and Apple ID.

    Choose your preferred Sign-Up option. In this example, we will use the Google Account option. So tap on the Google account button. 

    Next, select your preferred Google account for signing up to Remitano to be able to deposit and withdraw from the platform. 

    On the page that opens, select your preferred username. Remitano will put your email address name as your default username if you don’t change it.

    Tap the checkbox if you agree with their Terms of Use and Privacy Policy. 

    Click on the Continue button. 

    That’s it! You’ve created your Remitano account but to use it for deposit and withdrawal you need to verify your identity. 

    Verification includes verifying your phone number, bank account, and identity documents like passport, driver’s license, etc. 

    Trading Experience

    From our direct trials and assessments, we can confirm that Remitano offers a trading experience best suited to Nigerian traders who want to quickly exchange fiat for crypto. 

    The Remitano platform is like a typical P2P trading platform, you can click on an ad created by another user to either buy or sell crypto. 

    You can also create an ad to sell or buy digital assets.

    In addition, on Remitano, you can swap currencies fast without having to use the P2P trading section, which is a plus in ease of use. 

    Customer Support

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    Remitano offers 24/7 customer support via Live chat and email at support@remitano.com. 

    Information on the Remitano website shows that the customer support team is comprised mostly of banking professionals who have extensive knowledge of financial products, agile software development, e-currencies, and payment systems. 

    Remitano also has a help center as well as a FAQ page where users can find answers to common problems encountered when using the platform. 

    Customer Satisfaction

    Based on our team’s firsthand trials with this wallet, we can confirm that Remitano offers good customer support to users. Customer reviews on third-party review platforms attest to this. 

    The platform is beginner-friendly and offers a mobile app that gives users access to all the exchange’s features on the go.


    Remitano education - 1280x720

    Yes, Remitano offers cryptocurrency trading education via the Learn and Earn platform which offers crypto courses that allow you to earn rewards upon completion. 

    Is Remitano Right For You?

    Remitano is right for Nigerian crypto traders who want to buy or sell their digital currencies via P2P using the Nigerian Naira. 

    It isn’t for users interested in executing margin trades, futures trading, etc.

    Someone thinking about Patricia exchange - 1280x720

    Final Thoughts

    Remitano is one of the leading P2P trading platforms in Nigeria and it offers some of the lowest fees for transactions in the region. 

    However, it offers a limited selection of cryptocurrencies when compared to other options and has a history of being hacked, which may discourage new traders.  


    Most frequent questions and answers

    Remitano was recently hacked where it lost more than $2 million. There have also been cases of individual users being scammed when buying and selling on the P2P trading platform. 

    However, Remitano is a legit crypto exchange that is licensed and trusted in the Seychelles. 

    Yes, Remitano is available in Nigeria and Nigerians can initiate deposit and withdrawal transactions on the exchange. 

    Remitano is a crypto exchange located in the Seychelles.

    Yes, you can buy Bitcoin from Remitano as well as other cryptocurrencies.

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    Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, or use any specific exchange. Please do not use this website as investment advice, financial advice, or legal advice, and each individual’s needs may vary from that of the author. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.

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